Modi under ED scanner for money laundering

New Delhi: Lalit Modi, who is in the midst of controversies over allegations of irregularities in his travel documents, had his offices in Delhi and Gurgaon were searched by the Enforcement Directorate (ED) under the Prevention of money Laundering Act two months back.

During the searches, ED found evidence which showed that around Rs 125 crore had travelled to Mauritius and Cayman Islands. ED officials are probing whether the money was routed into the illegal accounts of Lalit Modi.

The ED is in the process of serving final penalty notices to Lalit modi in connection with forex violation cases which is estimated at Rs 1700 crores. About 16 cases are being probed under the Foreign Exchange Management Act (FEMA) are in the final stages adjudication. This means that penalty will be served in the coming months against the accused which includes all the important functionaries of the IPL-BCCI including Lalit Modi.